Business Marketing
Final Exam
Course Introduction
Business Marketing explores the principles and practices involved in marketing products and services to other businesses rather than individual consumers. The course covers topics such as market segmentation, targeting, and positioning in business-to-business (B2B) contexts, organizational buying behavior, relationship management, and the development of value propositions for business clients. Students will also analyze case studies on supply chain relationships, product and service innovation for business markets, and the impact of technology and digital tools on B2B marketing strategies. By the end of the course, students will be equipped with the analytical and strategic skills necessary to create effective marketing plans tailored to the unique needs of business markets.
Recommended Textbook
Marketing Management 13th Edition by Phil Kotler
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Page 2
Chapter 1: Defining Marketing for the 21st Century
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Q1) Examine and document the factors that have brought about customers' higher expectations of their suppliers.What are the major shifts in marketing management that have brought about these changes
Answer: Students may not understand that our world's capacity to produce products exceeds the needs.Therefore,customers have more choices and can be more demanding.The time crunch has allowed new providers to enter the market.For example,Netflix competes effectively with Blockbuster Video because they deliver videos to your home.It's service like this that fits the customer needs to satisfy what money can buy-time.Students may use appropriate marketing management shifts as described in the chapter.
Q2) A short definition of marketing is "meeting needs profitably."
A)True
B)False
Answer: True
Q3) A marketspace is physical,as when you shop in a store.
A)True
B)False
Answer: False
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3
Chapter 2: Developing Marketing Strategies and Plans
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Q1) The ________ lays out the target markets and the value proposition that will be offered,based on an analysis of the best market opportunities.
A) organizational plan
B) strategic marketing plan
C) corporate tactical plan
D) corporate mission
E) customer-value statement
Answer: B
Q2) A successful company nurtures its resources and competencies.A core competency has three characteristics.Describe those characteristics.
Answer: Core competency characteristics are: (1)It is a source of competitive advantage; (2)it has applications in a wide variety of markets; and (3)it is difficult for competitors to imitate.
Q3) Marketing opportunities to supply something that is currently in short supply require significant marketing talent.
A)True
B)False
Answer: False
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Chapter 3: Gathering Information and Scanning the Environment
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Q1) Consumers are increasingly willing to swap personal information for customized products from firms.However,there are still consumer concerns.You know that privacy issues are still a public policy hot button.As a consumer advocate,list the consumer concerns that seem to be the most compelling and most difficult to deal with by the marketer.
Answer: The consumers concerns are: (1)that they will be robbed or cheated,(2)that private information will be used against them,(3)that someone will steal their identity,(4)that they will be bombarded with solicitations,and (5)that children will be targeted.
Q2) According to information provided in the text,________ is an example of a country with a very young and rapidly expanding population where products such as milk,diapers,school supplies,and toys would be important.
A) Japan
B) France
C) Spain
D) Mexico
E) the United Kingdom
Answer: D
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Page 5
Chapter 4: Conducting Marketing Research and Forecasting Demand
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Q1) "What does the Coca-Cola name mean to you" would be an illustration of a question that might be used in a projective technique.
A)True
B)False
Q2) Probability sampling allows confidence limits to be calculated for sampling error and makes the sampling more representative.
A)True
B)False
Q3) If a marketing researcher decides to use a Likert scale,the researcher has chosen a technique wherein the respondent reviews a statement that shows the amount of agreement/disagreement with some product,service,or concept.
A)True
B)False
Q4) All forecasts are built on one of three information bases: what people say,what people do,or what people have done.How do market researchers collect information on each of three information bases
Q5) Explain what qualitative research is and why it might be useful to marketers.
Q6) Define marketing research.
Page 6
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Chapter 5: Creating Customer Value, Satisfaction, and Loyalty
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Q1) The ________ consists of the whole cluster of benefits the company promises to deliver; it is more than the core positioning of the offering.
A) customer promise
B) mission statement
C) corporate pledge
D) corporate-perceived value
E) value proposition
Q2) 3M makes it easy for dialog to occur with its customers.3M claims that over two-thirds of its product-improvement ideas come from listening to ________.
A) customer suggestions
B) entrepreneurial product ideas
C) customer complaints
D) media feedback
E) customer reactions to competitive products
Q3) The modern customer-oriented organization chart places top management at the top of the pyramid as long as they can think like consumers.
A)True
B)False
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Chapter 6: Analyzing Consumer Markets
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Q1) Maria sees her best friend driving around in her new car and decides that she needs a new car also.Which of the following forms of stimulus has activated Maria's problem recognition process
A) External stimuli
B) Internal stimuli
C) Peer stimuli
D) Secondary stimuli
E) Marketing induced stimuli
Q2) A(n)________ puts people into a frame of mind: liking or disliking an object,moving toward or away from it.
A) attitude
B) belief
C) feeling
D) position
E) stance
Q3) Divorce is an example of a critical life event that impacts a consumer's behavior.
A)True
B)False
Q4) What are the five stages of the consumer buying process
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Chapter 7: Analyzing Business Markets
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Q1) Purchasing a new security system or renting a new office building is best characterized as a ________.
A) modified rebuy
B) regular buy
C) straight rebuy
D) new rebuy
E) new task
Q2) List the stages (buyphases)of the industrial buying process.
Q3) More dollars and items change hands in sales to business buyers than to consumers.
A)True
B)False
Q4) Which of the following relationships is characterized as being one that has much trust and commitment leading to a true partnership
A) Mutually adaptive
B) Collaborative
C) Basic buying and selling
D) Customer supply
E) Cooperative systems
Q5) Explain the concept of solution selling.Give one example of this approach.
Page 9
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Chapter 8: Identifying Market Segments and Targets
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Q1) With respect to market offerings,if a marketer emphasizes a naked solution,he or she is emphasizing the product and service elements that all segment members value.
A)True
B)False
Q2) A starting point for discussing segmentation is mass marketing.Explain this concept.
Q3) What is customer cloning and how is it used
Q4) In segmenting its markets,an aluminum company first looked at which end-use market to serve: automobile,residential,or beverage containers.This is an example of
A) macrosegmentation
B) microsegmentation
C) strategic segmentation
D) goal-based segmentation
E) short-term segmentation
Q5) Although we can make distinctions between them,different generational cohorts also influence each other.Give an example of this.
Q6) Characterize psychographic segmentation.
Q7) PRIZM was developed by Claritas Inc.Explain what PRIZM is intended to do.
Page 10
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Chapter 9: Creating Brand Equity
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Q1) The premise of ________ models is that the power of a brand lies in what customers have seen,read,learned,thought,and felt about the brand over time.
A) product-based brand equity
B) service-based brand equity
C) functional-based brand equity
D) mission-driven brand equity
E) customer-based brand equity
Q2) In its focus on bottom-line financial value,the ________ approach often overlooks the "option value" of brands and their potential to affect future revenues and costs.
A) brand equity
B) brand value chain
C) customer value
D) customer equity
E) brand extension
Q3) Describe the role of brands from a customer perspective.
Q4) Brand equity has five components-differentiation,energy,relevance,esteem,and knowledge.How are these components combined to produce brand strength and brand stature
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11
Chapter 10: Crafting the Brand Positioning
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Q1) Points-of-parity come in two basic forms: category and competitive.
A)True
B)False
Q2) "It's not delivery,it's DiGiorno!" This ad campaign helped DiGiorno's pizza become the frozen pizza leader.Which of the following terms is most associated with the company's promotional success strategy
A) Price leader
B) Value relationships
C) Vertical integration
D) Superior quality control
E) Clever positioning
Q3) All marketing strategy is built on STP-segmentation,targeting,and ________.
A) positioning
B) product
C) planning
D) promotion
E) performance
Q4) When beverage marketers began selling drinks in wide-mouth cans,so that consumers could drink the beverage faster,what were the marketers trying to do
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Chapter 11: Dealing with Competition
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Q1) Avon became a major cosmetics company by perfecting door-to-door selling instead of battling other cosmetic firms in conventional stores.This is an example of which of the following specific market challenger attack strategies
A) Manufacturing cost reduction
B) Intensive advertising promotion
C) Distribution innovation
D) Product innovation
E) Product proliferation
Q2) Identify the seven steps of benchmarking.
Q3) Tasteeos,Fruit Rings,and Corn Flakes sell for nearly $1 a box less than leading cereal brands.Which market follower strategy is being employed by the cereal manufacturer
A) Counterfeiter
B) Cloner
C) Imitator
D) Adapter
E) Reverse innovator
Q4) Assume that your organization has chosen to pursue a market leader strategy of the flank defense.Describe what such a strategy might be.
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Page 13
Chapter 12: Setting Product Strategy
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Questions
Q1) In planning its market offering,the marketer needs to address five product levels,each of which reduces customer value.
A)True
B)False
Q2) ________ are formal statements of expected product performance by the manufacturer.
A) Insurance
B) Warranties
C) Guarantees
D) Reputation
E) Marketing statements
Q3) During a meeting,you were asked by the vice-president of marketing,to comment on the company's pricing strategy for its products.Recalling your marketing management course in college,your comments define the six situations involving product-mix pricing.List these six product-mix pricing strategies.
Q4) Pure bundling occurs when a firm offers goods both individually and in bundles.
A)True
B)False
Q5) Explain the concept of line stretching and the three uses for it.
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Chapter 13: Designing and Managing Services
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Q1) When the lawn service firm advertises,"We can handle all your lawn needs in one stop" and then requires three or four visits to satisfy you,this is an example of which of the gaps of service performance
A) Between service delivery and translation of perceptions
B) Between expected service and perceived service
C) Between service delivery and external communications
D) Between management's perception and consumers expectations
E) None of the above
Q2) Services cannot be stored,so their perishability can become a problem when demand fluctuates.
A)True
B)False
Q3) Service firms can design ________ and information programs so that consumers learn more about the brand than the information they get from the service encounter alone.
A) advertising campaigns
B) marketing measures
C) ad agencies
D) marketing communications
E) marketing strategy
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Chapter 14: Developing Pricing Strategies and Programs
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Q1) Pricing cues such as sale signs and prices that end in 9 become more influential when ________.
A) consumer price knowledge is poor
B) items are purchased frequently
C) items have been on the market a long time
D) prices are consistent year-round
E) they are employed frequently
Q2) In target-return pricing,the firm determines the markup required and adds that amount to the fixed cost of the product.
A)True
B)False
Q3) Activity-based cost accounting is just another method to distribute attributable costs across the product line.
A)True
B)False
Q4) Explain why and how the Internet is partially reversing the fixed price concept of retailing
Q5) Identify and discuss the six steps of the pricing procedure.
Q6) When is price discrimination legal
Page 16
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Chapter 15: Designing and Managing Integrated Marketing
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Q1) ________ means that the company or site offers to transact or facilitate the selling of products or services online.
A) E-business
B) E-commerce
C) E-purchasing
D) E-marketing
E) None of the above
Q2) ________ deals between suppliers and retailers,such as Disney's Consumer Products deal with Wal-Mart,are becoming a mainstay for specialists looking for an edge in a business world that is increasingly driven by price.
A) Exclusive
B) Selective
C) Intensive
D) Blanket
E) None of the above
Q3) E-marketing describes company efforts to inform buyers,communicate,promote,and sell its products and services over the Internet.
A)True
B)False
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Page 17
Chapter 16: Managing Retailing, Wholesaling, and Logistics
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Q1) The growth of "house brands" has skyrocketed in recent years.Why do intermediaries bother to sponsor their own brands
Q2) In the face of increased competition from discount houses and specialty stores,department stores are waging a comeback war.Two models for department stores' success seems to be emerging.The first is a store that has a strong retail brand approach,as demonstrated by Kohl's in the United States.The second model is the ________,typified by Galeries Lafayette in Paris.
A) tourist area store
B) single brand store
C) limited variety store
D) specialty store
E) showcase store
Q3) Corporate retail organizations achieve economies of scale,greater purchasing power,wider brand recognition,and better-trained employees.
A)True
B)False
Q4) How has the growth of giant retailers threatened traditional retailers
Q5) In what ways does franchising benefit the franchisor In what ways does it benefit the franchisee
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Chapter 17: Designing and Managing Integrated Marketing Communications
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Q1) An informational appeal elaborates on product or service attributes or benefits.
A)True
B)False
Q2) The marketing communications mix consists of eight major modes of communications.Which of the following is NOT one of these modes
A) Personal selling
B) Direct marketing
C) Sales promotions
D) Packaging
E) Advertising
Q3) The ability to identify the brand within the category,in sufficient detail to make a purchase,is known as ________.
A) category need
B) brand awareness
C) brand attitude
D) brand purchase intention
E) brand conviction
Q4) Explain the elements of the macromodel of communication process and list the nine elements contained.
Page 19
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Chapter 18: Managing Mass Communications:
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Q1) Explain the concept of "reach."
Q2) In-store advertising,including ads on shopping carts,in aisles,on shelves,on the floor,and "talking" shelves,are all examples of ________ advertising.
A) point-of-decision
B) product-placement
C) point-of-purchase
D) branding
E) advertising
Q3) Television is the most powerful advertising medium.TV advertising can be a compelling means for dramatically portraying user and usage imagery,brand personality,and other brand ________.
A) sounds
B) sights
C) intangibles
D) tangibles
E) components
Q4) What is the appeal of point-of-purchase advertising
Q5) Define the concept of "consumer franchise-building" sales promotions.
Q6) MPR (marketing public relations)plays an important role in what tasks
Page 20
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Chapter 19: Managing Personal Communications:
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Q1) Salespeople have specific tasks to perform to make a sale.List these specific tasks.
Q2) The term sales representative covers a broad range of positions.You have been hired by a firm as a sales representative.Your job description reads as follows: "The key duty of the sales representative is to solve the customer's problems using the company's products." You are a ________ sales representative.
A) deliverer
B) technician
C) missionary
D) demand creator
E) solution vendor
Q3) Communication researchers see society as consisting of ________,small groups whose members interact frequently and whose closeness facilitates effective communication but also insulates them from new ideas.
A) social networks
B) buzzes
C) cliques
D) viruses
E) campaigns
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21
Chapter 20: Introducing New Market Offerings
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Q1) Fewer than ________ of all new products are truly innovative and new to the world.
A) 30% to 35%
B) 20%
C) 10% to 15%
D) 25%
E) 40%
Q2) In controlled test marketing,a research firm manages a panel of stores that will carry new products for a fee.
A)True
B)False
Q3) A(n)________ loses money,but its sales cover all its variable costs and some of the fixed costs.
A) strategic product failure
B) market product failure
C) partial product failure
D) relative product failure
E) transfer product failure
Q4) List the four methods of consumer-product testing and give an indication of their relative costliness.
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Chapter 21: Tapping into Global Markets
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Q1) Define the gray market.
Q2) A waterfall approach to entering foreign markets is described as entering countries gradually and sequentially.
A)True
B)False
Q3) Contract manufacturing gives the company less control over the manufacturing process and risks loss of potential profits on manufacturing.However,it offers a chance to start faster,with the opportunity to form a partnership or buy out the local manufacturer later.
A)True
B)False
Q4) Domestic-based export agents perform a valuable service for companies seeking to enter foreign markets.The primary function of these agents is to ________.
A) carry on exporting activities on behalf of several producers
B) buy the manufacturer's products and then sell them abroad
C) buy the manufacturer's products then sell them in the host country
D) seek and negotiate foreign purchases for a commission
E) export products to foreign countries
Q5) Discuss three advantages of standardizing the marketing mix worldwide.
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Chapter 22: Managing a Holistic Marketing Organization
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Q1) Choosing the right goal or objective for a social marketing program is critical.Some examples of the range of possible objectives include ________.
A) cognitive campaigns, action campaigns, behavioral campaigns, value campaigns
B) cognitive campaigns, behavioral campaigns, marketing campaigns, advertising campaigns
C) cognitive campaigns, marketing campaigns, brand campaigns, value campaigns
D) shock campaigns, marketing campaigns, brand campaigns, action campaigns
E) behavioral campaigns, action campaigns, "shock" campaigns
Q2) ________ measures the relative contribution of different factors to a gap in sales performance.
A) Sales analysis
B) Annual-plan control
C) Sales-variance analysis
D) Efficiency control
E) Strategic control
Q3) When would a firm prefer a market-management organization
Q4) Sometimes a market share decline is deliberately engineered to improve profits.
A)True
B)False
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